Politics

Paul Ryan Explains the Basics of Tax Reform

Speaker of the House, Paul Ryan, outlined the main points of the Republican proposal for tax reform, saying that if the Republican plan passes through Congress, taxpayers will be able to file their tax returns on a postcard.

“We’re going to double your standard deductions so you can file your taxes on a postcard,” the Wisconsin Republican said.

Ryan was delineating the plan for tax reform on “Face the Nation,” a CBS political news program. Ryan said that the middle class will be the main beneficiaries of the legislation, in addition to corporations.

“We’re going to take people who are in the 10 percent bracket and put a lot of that money in a zero percent tax bracket. We’re taking the 15 percent bracket down to 12 percent. We’re going to get rid of the marriage penalty. We’re going to increase the child tax credit.”

He added that incentives for buying a home, giving charity, and education will be maintained in the new tax code.

The plan will not increase the national debt, insisted Ryan.

“This will have to be a deficit-neutral tax bill,” he said, adding that “this tax code and this tax reform will give us faster economic growth. Faster economic growth helps raise the economy, which raises revenues. And that helps us tackle the deficit.”

About Gail Nussbaum

Gail Nussbaum has been involved in politics and diplomacy for over 15 years. Her interest in foreign relations, economics and budget policy has led her to her position as fiscal policy writer at Left Justified. Gail can be contacted at gailnussbaum(at)leftjustified.com.